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Friday, August 23, 2013

By Michael Mccune: The Rant (US Government auditor for 16 years - Conspiracy or Reality? You decide!- (( to Have Michael send you the Rant to your Email contact Him Here (( mmccunewyo@yahoo.com))

Conspiracy or Reality? You decide!
As readers of the Rant are aware, this commentary has proven over and overhow government officials alter the numbers to fit the mood of the sitting Administration. From the announced GDP to unemployment, from individual income to proving the recession isn't ended, the Rant has been consistent ability to show the numbers behind the numbers that prove our government is no longer capable of telling the truth about almost anything but particularly the economy.
 
Look at a few of the current "situations" our elected officials are frothing in their eagerness to get America involved in so the citizens will forget the economic plight they are in.
 
Middle East
Instead of keeping out fingers out of the messy pies we helped create during the Arab Spring, our leadership is trying to get us deeper into the numerous petty wars raging there. The reason de jour is America needs to settle the region so we can get a steady supply of oil.
 
It seems this would be an excellent opportunity for Mr. Green Tech Obama to end America's reliance on foreign oil once and for all by keeping us out of the area but in his ever-shifting world of irrelevance he thinks spending more dwindling revenue dollars in this area will be good for America.
 
How about this, Mr. Green Tech? Open up America's vast natural resources to exploitation now instead of placing unnecessary restrictions on our oil companies. Fracking is not a dirty word when it is done properly. We can use our money to support our own industry which will boost the economy (another area you claim to want to succeed in) and, best of all, we are not supporting the Islamic fanatics with money they use to continue these squabbles.
 
Americans will not be able to count on lower fall fuel rates as per normal. 2013 is proving to be an anomalic economic year all the way around but the consumer should best be able to witness this fact at the pump.
 
Since all retailers of fuel acknowledge crude price is the driving factor of fuel prices, the government's reluctance to encourage exploration and drilling activities in America is going to be felt here in a double wound. We have limited our production capability--hurting the industry directly and the economy indirectly--and at the same the higher fuel cost is omitted from government inflation figures--meaning those on fixed incomes are really feeling the pinch.
 
Managing Editor of Energy and Capital, Jeff Siegel noted, "The activity in the Middle East is really going to affect oil prices. I personally do not see the Syrian crisis improving. I don't see the Egypt crisis getting much better. The uptick in violence an of it is going to pressure the global oil prices."
 
Unless America changes course and opens the new mineral finds, Americans will face the most challenging rise in prices because, per capita, we consume the most energy in the world. 
 
Gross Domestic Product
Our government continues to claim inflation is low and the economy is 'recovering' from the recession. If you believe the fertilizer-worthy stuff coming from Washington's bureaucrats, then this might be true. But more and more people who can see what is happening on Main Street are publicly refusing to ingest the fertilizer.
 
It has been a five-year game on Wall Street for analysts to predict unrealistically low earnings across the board. Then they loudly trumpet the "better than expected earnings" as a sure sign the recovery is taking effect.
 
Using the same standard of P/E statements, stock prices to capital gain or dividends, and other assorted statistically and fundamentally sound economic formulas established after the Great Depression, we have no recovery but instead have a marginalized survival mode.
 
Peter Schiff, Euro Pacific Capital CEO, the 'aim-away-then-adjust-to-the-real-target' philosophy is nothing but conspiracy.
"I think," he claims in a released video, "we have been getting overly optimistic assessments from the government. They want to make GDP appear bigger than it would normally be and growth to be bigger. SO this is government propaganda."
 
Government agencies, like the Bureau of Economic Analysis, vigorously defend their product integrity. Why then do they miss to the high side more than double the times they miss to the low side since the 2008 recession. And what is really ominous for American consumers, they missed to the low side three of the four quarters in 2008 but only four times since Obama took office (including the first two quarters of his first term.) Thus, five of the seven times they missed below in the last 22 quarters of report occurred at the height of the recession while only one of the 15 times they missed to the high side happened in the same time span.
 
(Don't know about you, but I'm seeing a trend where under-the-gun bureaucrats are compromising the numbers to curry favor with a Administration who can't do much more than talk a good fight.)
 
Schiff's anger about the situation really overflows when he claims the press and Wall Street flacks have 'not a word of protest' about the practice or even over the latest revisions to the way GDP is defined. "They (BEA) were not trying to be more accurate, they were trying to provide a bigger, better number." As proof he offered similar alterations in inflation and unemployment data as well only there the alterations were done to make those numbers appear smaller.
 
Like beauty is in the eye of the beholder, the economic data is reliant on the person doing the analyzing. It is such an unregimented 'science' no two analysts will ever agree about everything. But Schiff's declaration affirms what the Rant has been stating.
 
But where Schiff really gets angry is when the government has shifted itself to a dollar spent is a dollar spent is a dollar spent. He literally blurts his biting words when he tries to explain the new government stance that equates film and music production to research and development investments. "You are not going to tell me that's investment. Paying Tom Cruise $20 million to make a movie is not the same thing as building a factory. But it is now." 
 
Income
The anemic 'recovery', now four years old as per deceitful Washington, is staggering simply because wages are slipping, not gaining. The American consumer has always driven the economy but this recovery isn't moving simply because wages are falling.
 
In the 42 months from January 1, 2010 to June 30, 2013, American household income fell 4.4% per a report released from Sentier Research. Even worse, go back to the start of 2008 and incomes are off 6.1% This in a time span where the official inflation rate was 3.7%.
 
This means the standard of every Main Street American is less now than it was before the recession hit and is still in a downward spiral.
 
So where are the growth numbers all the Federal Reserve manipulations were supposed to create? Like fairy dust, you can't see it, feel it, taste it or measure it. The government wants you to believe it's there. That the government is the answer.
 
Rick Newman of Yahoo! Finance, stated the obvious. "I don't think anything of substance can come out of the political Washington meat grinder." Others seem to think it must be a joint effort between private business and Washington to change the economic climate.
 
But isn't that what government did with it's "too-big-to-fail" effort.
 
Big business is in Washington's back pocket where the politicians and bureaucrats can keep an eye on them.
 
That's the ultimate conspiracy design nobody thought could happen in a free market.
"I have sworn on the altar of God eternal hostility to every form of tyranny over the mind of man."--Thomas Jefferson      

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